On April 29, ISDA responded to the European Securities and Markets Authority’s (ESMA) consultation paper on its opinion on the trading venue perimeter, with the aim to clarify the meaning of multilateral systems under the Markets in Financial Instruments Directive (MIFID)/Markets in Financial Instruments Regulation. In the response, ISDA stresses the need to differentiate between systems allowing for multiple bilateral interactions, such as communication platforms, and multilateral systems which set the rules of trading and should be required to acquire trading venue authorization.
